Shanghai Stock Exchange: AI Mega Model Companies Eligible for Sci-Tech Innovation Board's Fifth Set of Listing Standards

June 17 — The Shanghai Stock Exchange (SSE) announced Wednesday it has issued new guidance to align with the China Securities Regulatory Commission’s (CSRC) framework for boosting inclusive access to the sci-tech innovation board’s Growth Enterprise Layer, standardize application of the STAR Market’s fifth listing rule, and enable high-quality artificial intelligence large-language model (LLM) companies that haven’t generated meaningful revenue to go public on the STAR board. Titled “Shanghai Stock Exchange Issuance and Listing Review Rules Applicable Guidance No. 10 — Application of the Fifth Listing Standard for AI Large-Scale Model Enterprises on the STAR Market,” the guidance takes effect immediately upon release. Key eligibility criteria laid out in the rules require issuers to hold a leading position in the AI LLM space, rank among the industry’s top players, play a critical role in the broader industrial chain, and earn wide recognition from market participants. Firms’ AI LLM-related businesses or products must target clear markets with significant current or future demand, demonstrate leading R&D progress and core technical metrics, operate within a large market with strong long-term growth potential, and have well-established commercialization plans. The rules also prohibit issuers from having major gaps in their LLM business’ commercialization outlook that would materially harm their ability to sustain ongoing operations, per the SSE. This update is from BlockBeats, a source that monitors global AI hotspots 24/7. Click the original link to join BlockBeats’ Feishu AI News Channel.